If you are a business owner, you might have been familiar with Well’s Fargo Business choice checking, however this is no longer available. However, Wells Fargo has created a new Initiate Business Checking Account for all your business needs.
There is a monthly service fee for this account, however, it can easily be waived. Simply have a $500 minimum daily balance, or a $1,000 average ledger balance to avoid this fee. Wells Fargo is one of the biggest banks and this business account makes is on our list of the best free Business Checking accounts.
Initiate Business Checking Account Overview
Account Type: Initiate Business Checking- Monthly Fee: $10, but waivable
- Transaction Limit: 100 monthly, After 100, it’s $0.50 per transaction.
- Cash Deposit Limit: $5,0000 monthly, After $5,000, it’s $.30 per $100 deposited.
- Availability: AK, AL, AK, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY
With plenty of Wells Fargo Branches across the US, you never have to worry about having trouble accessing Wells Fargo.
To waive the $10 monthly fee, simply complete one of the following waivers:
- Maintain a $500 minimum daily balance, OR
- Maintain a $1,000 average ledger balance during the fee period.
Because of the requirements and monthly fee, the Wells Fargo Business Choice Checking account is not that high up on our list of Best Free Business Checking accounts. However, if you are looking for a bank with in-branch service and have several convenient locations near you, this may be a good fit. The Chase Business Complete Checking account is a solid competitor.
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Conclusion
In conclusion, the Initiate Business checking account is a pretty decent account for business owners. With ease of access, you will never have problems finding a branch. However, the fees on this account and the requirements are not the best. Be sure to check out our full list of the best free Business Checking accounts.
